<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
SECURITY OF PENNSYLVANIA FINANCIAL CORP.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
814847-10-9
(CUSIP Number)
Mr. Joseph Stilwell
26 Broadway, 23rd Floor
New York, New York 10004
(212) 269-5800
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 1, 2000
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-(f) or 240.13d-1(g), check the
following box. [ ]
The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
_______________________________________________________________________________
CUSIP No. 814847-10-9 SCHEDULE 13D Page 2 of 14 Pages
_______________________________________________________________________________
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Stilwell Value Partners I, L.P.
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
______________________________________________________________________________
3 SEC USE ONLY
______________________________________________________________________________
4 SOURCE OF FUNDS*
WC, OO
______________________________________________________________________________
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
______________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_______________________________________________________________________________
| |
NUMBER OF | 7 | SOLE VOTING POWER:
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8 | SHARED VOTING POWER:
REPORTING | | 122,870
PERSON WITH |_____|________________________________________________________
| |
| 9 | SOLE DISPOSITIVE POWER:
| | 0
|_____|________________________________________________________
| |
| 10 | SHARED DISPOSITIVE POWER:
| | 122,870
_______________|_____|_________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
122,870
______________________________________________________________________________
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
9%
______________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
______________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
_______________________________________________________________________________
CUSIP No. 814847-10-9 SCHEDULE 13D Page 3 of 14 Pages
_______________________________________________________________________________
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Stilwell Partners, L.P.
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
______________________________________________________________________________
3 SEC USE ONLY
______________________________________________________________________________
4 SOURCE OF FUNDS*
WC, OO
______________________________________________________________________________
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
______________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_______________________________________________________________________________
| |
NUMBER OF | 7 | SOLE VOTING POWER:
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8 | SHARED VOTING POWER:
REPORTING | | 122,870
PERSON WITH |_____|________________________________________________________
| |
| 9 | SOLE DISPOSITIVE POWER:
| | 0
|_____|________________________________________________________
| |
| 10 | SHARED DISPOSITIVE POWER:
| | 122,870
_______________|_____|_________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
122,870
______________________________________________________________________________
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
9%
______________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
______________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
_______________________________________________________________________________
CUSIP No. 814847-10-9 SCHEDULE 13D Page 4 of 14 Pages
_______________________________________________________________________________
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Stilwell Associates, L.P.
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
______________________________________________________________________________
3 SEC USE ONLY
______________________________________________________________________________
4 SOURCE OF FUNDS*
WC, OO
______________________________________________________________________________
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
______________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_______________________________________________________________________________
| |
NUMBER OF | 7 | SOLE VOTING POWER:
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8 | SHARED VOTING POWER:
REPORTING | | 122,870
PERSON WITH |_____|________________________________________________________
| |
| 9 | SOLE DISPOSITIVE POWER:
| | 0
|_____|________________________________________________________
| |
| 10 | SHARED DISPOSITIVE POWER:
| | 122,870
_______________|_____|_________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
122,870
______________________________________________________________________________
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
9%
______________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
______________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
_______________________________________________________________________________
CUSIP No. 814847-10-9 SCHEDULE 13D Page 5 of 14 Pages
_______________________________________________________________________________
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Stilwell Value LLC
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
______________________________________________________________________________
3 SEC USE ONLY
______________________________________________________________________________
4 SOURCE OF FUNDS*
WC, OO
______________________________________________________________________________
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
______________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_______________________________________________________________________________
| |
NUMBER OF | 7 | SOLE VOTING POWER:
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8 | SHARED VOTING POWER:
REPORTING | | 122,870
PERSON WITH |_____|________________________________________________________
| |
| 9 | SOLE DISPOSITIVE POWER:
| | 0
|_____|________________________________________________________
| |
| 10 | SHARED DISPOSITIVE POWER:
| | 122,870
_______________|_____|_________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
122,870
______________________________________________________________________________
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
9%
______________________________________________________________________________
14 TYPE OF REPORTING PERSON*
OO
______________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
_______________________________________________________________________________
CUSIP No. 814847-10-9 SCHEDULE 13D Page 6 of 14 Pages
_______________________________________________________________________________
1 NAMES OF REPORTING PERSONS.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only).
Joseph Stilwell
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
______________________________________________________________________________
3 SEC USE ONLY
______________________________________________________________________________
4 SOURCE OF FUNDS*
PF, OO
______________________________________________________________________________
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
______________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
_______________________________________________________________________________
| |
NUMBER OF | 7 | SOLE VOTING POWER:
SHARES | | 0
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8 | SHARED VOTING POWER:
REPORTING | | 122,870
PERSON WITH |_____|________________________________________________________
| |
| 9 | SOLE DISPOSITIVE POWER:
| | 0
|_____|________________________________________________________
| |
| 10 | SHARED DISPOSITIVE POWER:
| | 122,870
_______________|_____|_________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
122,870
______________________________________________________________________________
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
9%
______________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
______________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
_______________________________________________________________________________
CUSIP No. 814847-10-9 SCHEDULE 13D Page 7 of 14 Pages
_______________________________________________________________________________
Item 1. Security and Issuer
This Schedule 13D is being filed jointly by Stilwell Value Partners I,
L.P., a Delaware limited partnership ("Stilwell Value Partners I"), Stilwell
Partners, L.P., a Delaware limited partnership ("Stilwell Partners"), Stilwell
Associates, L.P., a Delaware limited partnership ("Stilwell Associates"),
Stilwell Value LLC, a Delaware limited liability company ("Stilwell Value LLC")
and the general partner of Stilwell Value Partners I, and Joseph Stilwell,
managing and sole member of Stilwell Value LLC and general partner of Stilwell
Partners and Stilwell Associates. All of the filers of this Schedule 13D are
collectively the "Group" or "Reporting Persons".
This Schedule 13D relates to the common stock, par value $0.01 per
share ("Common Stock") of Security of Pennsylvania Financial Corp. (the
"Company" or the "Issuer"). The address of the principal executive offices of
the Company is 31 West Broad Street Hazleton, Pennsylvania 18201, phone: (570)
454-0824. The joint filing agreement of the members of the Group is attached as
Exhibit 1.
Item 2. Identity and Background
(a)-(c) This statement is filed by Mr. Joseph Stilwell, with respect
to the shares of Common Stock beneficially owned by Mr. Stilwell, including: (i)
shares of Common Stock held in the name of Stilwell Value Partners I, in Mr.
Stilwell's capacity as the managing and sole member of Stilwell Value LLC which
is the general partner of Stilwell Value Partners I; (ii) shares of Common Stock
held in the name of Stilwell Partners, in Mr. Stilwell's capacity as the general
partner of Stilwell Partners; and (iii) shares of Common Stock held in the name
of Stilwell Associates, in Mr. Stilwell's capacity as the general partner of
Stilwell Associates.
The business address of Mr. Stilwell and of all the Reporting Persons
is 26 Broadway, 23rd Floor, New York, New York 10004.
The principal employment of Mr. Stilwell is investment management.
Stilwell Value Partners I, Stilwell Partners, and Stilwell Associates are
private investment partnerships engaged in the purchase and sale of securities
for their own accounts. Stilwell Value LLC is in the business of serving as the
general partner of Stilwell Value Partners I.
(d) During the past five years, no member of the Group has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the past five years, no member of the Group has been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and, as a result of such proceeding, was, or is subject to, a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, Federal or State securities laws or finding
any violation with respect to such laws.
(f) Mr. Stilwell is a citizen of the United States.
<PAGE>
_______________________________________________________________________________
CUSIP No. 814847-10-9 SCHEDULE 13D Page 8 of 14 Pages
_______________________________________________________________________________
Item 3. Source and Amount of Funds or Other Consideration
The amount of funds expended to date by Stilwell Value Partners I to
acquire the 83,300 shares of Common Stock it holds in its name is $848,287.98.
(This includes, as noted below, all shares of Common Stock which were
transferred from Joseph Stilwell to Stilwell Value Partners I.) Such funds were
provided in part from Stilwell Value Partners I's available capital and, from
time to time, in part by margin account loans from subsidiaries of The Bear
Stearns Companies, Inc. ("Bear Stearns"), extended in the ordinary course of
business.
The amount of funds expended to date by Stilwell Partners to acquire
the 9,570 shares of Common Stock it holds in its name is $95,700.00. Such funds
were provided in part from Stilwell Partner's available capital and, from time
to time, in part by margin account loans from subsidiaries of Bear Stearns
extended in the ordinary course of business.
The amount of funds expended to date by Stilwell Associates to acquire
the 30,000 shares of Common Stock it holds in its name is $294,838.34. Such
funds were provided in part from Stilwell Associate's available capital and,
from time to time, in part by margin account loans from subsidiaries of Bear
Stearns extended in the ordinary course of business.
The amount of funds expended to date by Joseph Stilwell to acquire the
24,500 shares of Common Stock he previously held in his name is $233,750.76. As
noted below in Item 5 of this Schedule 13D, on April 28, 2000, Mr. Stilwell
transferred all of these shares of Common Stock to Stilwell Value Partners I for
the same cost basis at which Mr. Stilwell purchased them, and Mr. Stilwell no
longer holds any shares of Common Stock. Such funds were provided in part from
Mr. Stilwell and, from time to time, in part by margin account loans from
subsidiaries of Bear Stearns extended in the ordinary course of business.
All purchases of Common Stock made by the Reporting Persons using
funds borrowed from Bear Stearns, if any, were made in margin transactions on
Bear Stearns' usual terms and conditions. All or part of the shares of Common
Stock owned by members of the Reporting Persons may from time to time be pledged
with one or more banking institutions or brokerage firms as collateral for loans
made by such entities to members of the Reporting Persons. Such loans generally
bear interest at a rate based upon the broker's call rate from time to time in
effect. Such indebtedness, if any, may be refinanced with other banks or
broker-dealers.
Item 4. Purpose of Transaction
The purpose of the acquisition of Common Stock of the Issuer by members
of the Group is to profit from the appreciation in the market price of the
Common Stock through the assertion of shareholder rights. The Group expects to
actively assert shareholder rights, in the manner described below, with the
intent to influence the policies of the Company. The members of the Group plan
to engage in discussions with the Company's management and Board of Directors to
try to maximize short and long-term value of the Company's assets which the
Group does not believe is adequately reflected in the current market price of
the Company's Common Stock.
<PAGE>
_______________________________________________________________________________
CUSIP No. 814847-10-9 SCHEDULE 13D Page 9 of 14 Pages
_______________________________________________________________________________
Members of the Group believe that the Company can increase shareholder
value, within a reasonable period of time, by, among other things: (a)
repurchasing its shares, (b) issuing special dividends, (c) pursuing other
business combinations, such as a merger or acquisition, (d) liquidating various
assets; and/or (e) selling the Company. Members of the Group also believe that
the Company can better evaluate all options to increase shareholder value by
retaining an investment banking firm to advise it.
In the future the Group may: (a) communicate and discuss its views with
other shareholders; (b) make proposals to the Issuer's Board and management
(including with regard to a possible sale of the Issuer); (c) seek
representation on the Issuer's Board, and/or (d) solicit proxies or written
consents from other shareholders of the Issuer with respect to Board
representation or other proposals for shareholder action.
Members of the Group may make further purchases of shares of Common
Stock. Members of the Group may dispose of any or all the shares of Common Stock
held by them, although they have no current intention to do so. Except as noted
in this Schedule 13D, no member of the Group has any plans or proposals which
relate to, or could result in, any of the matters referred to in paragraph (a)
through (j), inclusive, of Item (4) of Schedule 13D. Members of the Group may,
at any time and from time to time, review or reconsider their positions and
formulate plans or proposals with respect thereto.
Item 5. Interest in Securities of the Issuer
The percentages used in this Schedule 13D are calculated based upon
the number of outstanding shares of Common Stock, which is 1,356,885 shares.
This information was reported as of February 11, 2000, on a Form 10-QSB, filed
by the Company on February 14, 2000. Except as otherwise specifically noted
below, all purchases and sales of Common Stock reported herein were made in open
market transactions on the American Stock Exchange.
(A) Stilwell Value Partners I
(a) Aggregate number of shares beneficially owned: 122,870
Percentage: 9%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 122,870
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 122,870
(c) As noted below in section (E)(c) of this Item 5, on April 28, 2000,
Mr. Joseph Stilwell transferred 24,500 shares of Common Stock to
Stilwell Value Partners I for $233,750.76, which is the same cost
basis at which Mr. Stilwell purchased them. The chart below sets
forth all additional purchases of Common Stock which Stilwell Value
Partners I has made in the last 60 days. Stilwell Value Partners I
currently holds 83,300 shares of common stock for a total purchase
price of $848,287.98.
<PAGE>
_______________________________________________________________________________
CUSIP No. 814847-10-9 SCHEDULE 13D Page 10 of 14 Pages
_______________________________________________________________________________
---------------------------------------------------------------------
Number of Price Per Total Cost
Date Shares Share($) ($)
---------------------------------------------------------------------
4/27/2000 2,000 9.750 19,500.00
---------------------------------------------------------------------
4/28/2000 4,000 9.969 39,875.20
---------------------------------------------------------------------
5/1/2000 3,000 10.250 30,750.00
---------------------------------------------------------------------
5/1/2000 23,000 10.386 238,887.20
---------------------------------------------------------------------
5/1/2000 12,100 10.500 127,050.00
---------------------------------------------------------------------
5/2/2000 14,700 10.781 158,474.82
---------------------------------------------------------------------
(d) Because he is the managing and sole member of Stilwell Value LLC,
which is the general partner of Stilwell Value Partners I, Mr.
Stilwell has the power to direct the affairs of Stilwell Value
Partners I, including the voting and disposition of shares of Common
Stock held in the name of Stilwell Value Partners I. Therefore, Mr.
Stilwell is deemed to share voting and disposition power with
Stilwell Value Partners I with regard to those shares of Common
Stock.
(B) Stilwell Partners
(a) Aggregate number of shares beneficially owned: 122,870
Percentage: 9%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 122,870
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 122,870
(c) Stilwell Partners made no purchases of Common Stock in the last 60
days, however, it previously purchased 9,570 shares of Common Stock.
(d) Because he is the general partner of Stilwell Partners, Mr. Stilwell
has the power to direct the affairs of Stilwell Partners, including
the voting and disposition of shares of Common Stock held in the name
of Stilwell Partners. Therefore, Mr. Stilwell is deemed to share
voting and disposition power with Stilwell Partners with regard to
those shares of Common Stock.
(C) Stilwell Associates
(a) Aggregate number of shares beneficially owned: 122,870
Percentage: 9%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 122,870
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 122,870
(c) The chart below sets forth all of the purchases of Common Stock made
by Stilwell Associates in the last 60 days. Stilwell Associates
currently holds 30,000 shares for a total of $294,838.34.
<PAGE>
_______________________________________________________________________________
CUSIP No. 814847-10-9 SCHEDULE 13D Page 11 of 14 Pages
_______________________________________________________________________________
---------------------------------------------------------------------
Number of Price Per Total Cost
Date Shares Share($) ($)
---------------------------------------------------------------------
3/31/2000 4,800 9.076 43,562.40
---------------------------------------------------------------------
4/3/2000 9,700 9.111 88,374.76
---------------------------------------------------------------------
4/20/2000 200 9.500 1,900.00
---------------------------------------------------------------------
5/1/2000 10,000 10.386 103,864.00
---------------------------------------------------------------------
5/2/2000 5,300 10.781 57,137.18
---------------------------------------------------------------------
(d) Because he is the general partner of Stilwell Associates, Mr.
Stilwell has the power to direct the affairs of Stilwell Associates,
including the voting and disposition of shares of Common Stock held
in the name of Stilwell Associates. Therefore, Mr. Stilwell is deemed
to share voting and disposition power with Stilwell Associates with
regard to those shares of Common Stock.
(D) Stilwell Value LLC
(a) Aggregate number of shares beneficially owned: 122,870 Percentage: 9%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 122,870
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 122,870
(c) Stilwell Value LLC has made no purchases of Common Stock.
(d) Because he is the managing and sole member of Stilwell Value LLC, Mr.
Stilwell has the power to direct the affairs of Stilwell Value LLC.
Stilwell Value LLC is the general partner of Stilwell Value Partners
I. Therefore, Stilwell Value LLC may be deemed to share with Mr.
Stilwell voting and disposition power with regard to the shares of
Common Stock held by Stilwell Value Partners I.
(E) Mr. Joseph Stilwell
(a) Aggregate number of shares beneficially owned: 122,870 Percentage: 9%
(b) 1. Sole power to vote or to direct vote: 0
2. Shared power to vote or to direct vote: 122,870
3. Sole power to dispose or to direct the disposition: 0
4. Shared power to dispose or to direct disposition: 122,870
(c) The chart below sets forth all of the purchases of Common Stock made
by Joseph Stilwell in the last 60 days. As noted above in (A)(c) of
this Item 5, on April 28, 2000, Mr. Stilwell transferred all 24,500
of these shares of Common Stock to Stilwell Value Partners I for
$233,750.76, which is the same cost basis at which Mr. Stilwell
purchased them. Mr. Stilwell currently holds no shares of Common
Stock.
<PAGE>
_______________________________________________________________________________
CUSIP No. 814847-10-9 SCHEDULE 13D Page 12 of 14 Pages
_______________________________________________________________________________
---------------------------------------------------------------------
Number of Price Per Total Cost
Date Shares Share($) ($)
---------------------------------------------------------------------
4/7/2000 2,000 9.250 18,500.00
---------------------------------------------------------------------
4/11/2000 1,000 9.250 9,250.00
---------------------------------------------------------------------
4/12/2000 11,000 9.597 105,563.26
---------------------------------------------------------------------
4/18/2000 5,000 9.500 47,500.00
---------------------------------------------------------------------
4/19/2000 5,000 9.625 48,125.00
---------------------------------------------------------------------
4/25/2000 500 9.625 4,812.50
---------------------------------------------------------------------
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
Other than the Joint Filing Agreement filed as Exhibit 1 to this
filing, and as otherwise described above, there are no contracts, arrangements,
understandings or relationships among the persons named in Item 2 hereof and
between such persons and any person with respect to any securities of the
Company, including but not limited to transfer or voting of any of the
securities, finders' fees, joint ventures, loan or option arrangements, puts or
calls, guarantees of profits, divisions of profits or losses, or the giving or
withholding of proxies, except for sharing of profits. Stilwell Value LLC and
Mr. Joseph Stilwell, in their capacities as general partners as described in
this Schedule 13D, are entitled to an allocation of a portion of profits. See
Item 2 regarding disclosure of the arrangements among members of the Group,
which disclosure is incorporated herein by reference.
Item 7. Material to be Filed as Exhibits
Exhibit No. Description
----------- -----------
1 Joint Filing Agreement.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: May 9, 2000
STILWELL VALUE PARTNERS I, L.P.
/s/
--------------------------
By: STILWELL VALUE LLC
General Partner
/s/
--------------------------
By: Joseph Stilwell
Managing and Sole Member
<PAGE>
_______________________________________________________________________________
CUSIP No. 814847-10-9 SCHEDULE 13D Page 13 of 14 Pages
_______________________________________________________________________________
STILWELL PARTNERS, L.P.
/s/
--------------------------
By: Joseph Stilwell
General Partner
STILWELL ASSOCIATES, L.P.
/s/
--------------------------
By: Joseph Stilwell
General Partner
STILWELL VALUE LLC
/s/
--------------------------
By: Joseph Stilwell
Managing and Sole Member
JOSEPH STILWELL
/s/
--------------------------
Joseph Stilwell
<PAGE>
_______________________________________________________________________________
CUSIP No. 814847-10-9 SCHEDULE 13D Page 14 of 14 Pages
_______________________________________________________________________________
EXHIBIT 1
JOINT FILING AGREEMENT
Pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree that the Schedule 13D to which
this Joint Filing Agreement is being filed as an exhibit shall be a joint
statement filed on behalf of each of the undersigned.
Date: May 9, 2000
STILWELL VALUE PARTNERS I, L.P.
/s/
--------------------------
By: STILWELL VALUE LLC
General Partner
/s/
--------------------------
By: Joseph Stilwell
Managing and Sole Member
STILWELL PARTNERS, L.P.
/s/
--------------------------
By: Joseph Stilwell
General Partner
STILWELL ASSOCIATES, L.P.
/s/
--------------------------
By: Joseph Stilwell
General Partner
STILWELL VALUE LLC
/s/
--------------------------
By: Joseph Stilwell
Managing and Sole Member
JOSEPH STILWELL
/s/
--------------------------
Joseph Stilwell
